Pension savings of Kazakhstani people will not settle question of housing acquisition - Majiisman

Date: 11:34, 17-10-2019.

Astana. October 17. KazTAG - Pension savings of the people in Kazakhstan will not settle the question of housing acquisition, said Aikyn Konurov, Majilisman.
"The accumulations of each depositor (of Uniform Saving Pension Fund-KazTAG) will not settle the question (of housing acquisition recently mentioned by Kassym-Jomart Tokayev, who proposed to use the pension savings for investments in housing-KazTAG). The total volume of UNPF is over 10.3 trln tenge, it is logically to search a consolidated decision through centralized investments into construction. Practically it is realizable only under full financial transparency and no corruption schemes in the construction," he said reading his request addressed to Askar Mamin, Prime Minister of Kazakhstan.
He suggested studying the experience of Singapore and creating a single fund which will unite the functions of medical insurance, social insurance and pension savings.
"We believe it will lower administrative expenses, investment risks and help people to get a roof above their heads, people will get worthy education and pensions," he said.

Photo source: picture from an open source

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